6 Tips For Prepping to Buy While In Quarantine
The coronavirus has affected everyone in the nation in one form or another. If you were in the process of buying a house this spring or even considering doing so, you may be wondering how to proceed. With most governments across the nation implementing stay at home orders, which has shut down countless businesses and activities, the conventional processes surrounding purchasing a home may be a bit more difficult. Coronavirus’ affects on the spring housing market are uncertain, but you as a buyer can still come out strong, and we’re here to help!
With some planning and thinking, you can get prepped to purchase a home this spring. Even moreso, you may even be able to find benefits in purchasing now versus waiting until the pandemic has smoothed over. Here are some tips.
House Hunt Online
The good news about buying a home during coronavirus is that we have the internet at our disposal. In the past decade, more and more people have been using online resources to post, market, and showcase listings versus using more traditional methods, like newspapers. Take advantage of your downtime by looking up homes in the area that fit the bill of what you’re in need of. Use your downtime to dig in deep and find homes that will hold their value for years.
Schedule Virtual Showings
Physically going to showings might not be feasible for the next few weeks, but that doesn’t mean you need to put off showings. Contact me, and I’ll guarantee to schedule a virtual showing or Facetime with you so you can make sure to see the ins and outs of the home. Come up with a list of all of the pieces of the house you want to see beforehand to make sure nothing important is left out.
Look into Alternative Appraisals
Usually, physical appraisals are performed on a house prior to it being sold. Given the circumstances, in-person inspections may not be an option, and alternative appraisals are the safer choice. Through May 17, the Federal Housing Agency is allowing the use of alternate appraisals, which can be done through a video walkthrough from the seller or an exterior inspection. Contact your real estate agent to learn more about this process.
Get Pre-Approved for a Mortgage
If you haven’t already heard, mortgage interest rates have dropped quite significantly. Depending on the term you choose, you have the opportunity to save thousands of dollars in money that would usually go towards interest. Apply for mortgage pre-approval to get an idea of how much money you might get and what the interest rate for specific terms will be. This will also help you narrow down which houses on the market are in your price range. Now, once you’re pre-approved, please reach out to us for excellent lender referrals.
Save Your Money and Square Away Debt
Although interest rates may be lower, lenders are tightening the restrictions on who is eligible for a mortgage. If possible, try to make adjustments to your spending habits so that you are more equipped to save up for a larger down payment. Additionally, if you have credit card balances that need to be paid off, now is the time to do so in order to help boost your credit score.
Get Your Bearings in Order
Assuming that you plan on moving into the house you’re buying, you’ll want to get ready to do that as well. Stuck at home like the rest of us? Why not use that extra time in the house to reorganize so that when you are ready to move, you’re already organized and set to do so.
At the end of the day, purchasing a home during this pandemic might seem daunting, but it is still very possible. As a Realtor here in Cheshire, I want to make sure that you are informed and comfortable with the buying process every step of the way. Contact me today to learn more about how we can navigate the spring housing market together.